Dow Ends Sorry Week Off 101

Nationalization talk spurs financial sell-off
By Nick McMaster,  Newser Staff
Posted Feb 20, 2009 3:21 PM CST
Dilip Patel, left, and Glenn Carell, both of Bear Wagner Specialists, work on the floor of the New York Stock Exchange Friday, Feb. 20, 2009, in New York.   (AP Photo/Henny Ray Abrams)
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(Newser) – Stocks lost value again today as talk of nationalizing top US banks spurred investors to sell financials, MarketWatch reports. The Obama administration tried to tamp down the nationalization chatter, but without success. Meanwhile, General Electric and General Motors fell 6% and 16%, respectively. The Dow lost 100.28 to close at 7,365.67. The Nasdaq closed down 1.59 at 1,441.23, and the S&P 500 lost 8.89 to settle at 770.05.

  • For the week, the Dow shrank by 6.2%, the Nasdaq contracted 6.1%, and the S&P 500 lost 6.9%.